On August 13, Coherent fell 3.19% overnight, trading at $343.55/share, with turnover of $5.4467 million. The decline followed the company's fiscal Q4 earnings release, which beat expectations on all key metrics but triggered classic sell-the-news profit-taking.

Coherent reported Q4 revenue of $2.046 billion, up 34% year-over-year and above the $1.986 billion consensus estimate. Adjusted EPS came in at $1.74, a 74% increase from the prior year and exceeding the $1.61 estimate by 7.4%. Gross margin expanded over 200 basis points year-over-year to 40.2%. For fiscal Q1, the company guided revenue of $22-24 billion (midpoint ~$23 billion vs. $21.5 billion consensus) and adjusted EPS of $1.85-$2.05 (midpoint ~$1.95 vs. $1.79 consensus), citing exceptionally strong demand and prioritizing capacity expansion investments.

However, the stock had already surged 8.82% during regular trading on August 12 in anticipation of strong results, with expectations fully priced in. After initially rising over 5% post-release, shares reversed sharply, falling as much as 8% before stabilizing, reflecting a textbook case of buy-the-rumor, sell-the-news dynamics.

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